What is the Nevada Commerce Tax?

The Nevada Commerce Tax is a tax on revenue generated in Nevada. The tax started accruing on July 1, 2015 and the first tax return is due August 15, 2016 for the previous fiscal year. The fiscal year is based on Nevada’s fiscal year of June 30th. The rates for the tax are based on the business entity classification. There are several exemptions from taxable income. Also there is a $4,000,000 standard deduction before the company has to pay taxes. Nevada businesses still have to file a commerce tax return even if there is no tax due.

“The Commerce Tax is an annual tax imposed on the Nevada gross revenue of each business entity engaged in business in this State. Each business entity subject to the tax must file a return; however, there is no tax liability unless a business’s Nevada gross revenue in a taxable fiscal year exceeds four million dollars ($4,000,000.)” Commerce_Tax_Questions_Answers

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Cort is a licensed CPA and attorney in the state of Nevada. In 2010, Cort published a book on Sarbanes-Oxley titled “Towards a Working Model for Rulemaking Analysis; a unique approach analyzing Sarbanes-Oxley’s effectiveness.” Also in the 2014 elections, Cort was a candidate for Nevada Controller. For tax or audit assistance call his firm to schedule an appointment 702-216-1010.